BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows

BlackRock’s spot Bitcoin exchange-traded fund BITB recorded its largest net outflow day since its inception, with $44.2 million leaving the fund on November 5.

Since its launch in January, BlackRock’s BITB has experienced only six days of outflows; the previous largest single-day debut was $36.9 million on May 1.

According to data from Farside Investors, 12 spot Bitcoin ETFs recorded net outflows of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. But those outflows were significantly lower than the $541.1 million recorded on Nov. 4, the second-largest outflow day for investment products.

Sector-wide outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn and led the day’s refunds. ARK Invest and 21Shares have ARKB of $12.5 million, Franklin Templeton’s EZBC of $6 million, VanEck’s HODL of $3.9 million and Valkyrie’s BRRR of $1.3 million net reported exit.

In contrast, Biwise’s BITB was the only Bitcoin ETF to record net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and some other spot Bitcoin ETFs saw zero flows on the day.

Bitcoin defies ETF outflows, rises to record high

Bitcoin’s price rose sharply overnight, even as ETF outflows extended into a third day.

CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump could gain momentum in early voting.

The flagship cryptocurrency later retreated slightly, trading 8.7% higher at $74,563 at the time of reporting.

Bitcoin’s performance has remained strong, especially following its all-time high of $73,797 set on March 14, but it has mostly traded below $70,000 for most of the year.

While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, recording zero net flows on November 5, according to Farside Investors. However, Ethereum (ETH) traded just above $2,600, up 6.7%, mirroring Bitcoin’s bullish price momentum.

According to CoinGecko data, the capitalization of the global crypto market increased by 6.6% last day, reaching 2.58 trillion dollars.